Whats wrong with West One?

[dwhl 10]

hi jen,

 

i think you may be wrong in saying that flat prices are not coming down in sheffield. these are the prices of flat purchases and subsequent sales of two flats in west one. i didn't have to search hard to find it and i am sure that there are many more that have sold for less than the original purchase price.

 

2007-02-20 807 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £200,000

2004-07-12 807 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £220,000

 

2006-07-19 703 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £163,000

2004-07-16 703 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £175,000

[Guest]

hi jen,

 

i think you may be wrong in saying that flat prices are not coming down in sheffield. these are the prices of flat purchases and subsequent sales of two flats in west one. i didn't have to search hard to find it and i am sure that there are many more that have sold for less than the original purchase price.

 

2007-02-20 807 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £200,000

2004-07-12 807 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £220,000

 

2006-07-19 703 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £163,000

2004-07-16 703 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £175,000

 

 

Tha is certainly very interesting. but i'm sure its rare for someone to sell for less than they paid a few years earlier. It just doesn't make financial sense.

 

I'm very confident that we'll achieve our asking price so I'm not really worried - our property is quite rare and is in an original building. I can see the difficulty for the op but I'm sure if they stick to their guns they'll be able to find the right buyer.

[dwhl 10]

hi jen,

 

i don't think that selling for less than the original purchase price is as rare as you might think. I have noticed quite a few properties in the city centre which have unfortunately had this problem.

 

I think that there was a period (maybe 5-6 years ago) whereby property prices went up and up but the peak seems to have occurred around 2004.

 

obviously, a lot will be dependent on location and features that each individual property might have but I think that the main problem is that there appears to be a glut of properties leading to oversupply more than demand. If this continues, it is inevitable that prospective buyers will be more choosy leading to a fall in prices.

 

am i correct in presuming that you are selling in cornish place? (saw your ad on the for sale forum)

 

I am not sure how your flat compares to the others below but here is a list of the prices of what the flats in that block sold for since august 2004. The prices are taken from the ourproperty website.

 

2007-03-09 35 Cornish Place, Sheffield, South Yorkshire, S6 3AF Updated Sale £156,000

 

 

2007-01-26 25 Cornish Place, Sheffield, South Yorkshire, S6 3AF Updated Sale £145,450

 

 

2006-12-01 41 Cornish Place, Sheffield, South Yorkshire, S6 3AF £156,500

 

 

2006-09-26 11 Cornish Place, Sheffield, South Yorkshire, S6 3AF £121,000

 

2006-09-15 42 Cornish Place, Sheffield, South Yorkshire, S6 3AF £136,000

 

2006-06-30 16 Cornish Place, Sheffield, South Yorkshire, S6 3AF £155,000

 

2006-02-28 45 Cornish Place, Sheffield, South Yorkshire, S6 3AF £135,000

 

2005-12-16 9 Cornish Place, Sheffield, South Yorkshire, S6 3AF £112,000

 

2005-10-21 28 Cornish Place, Sheffield, South Yorkshire, S6 3AF £140,000

 

2005-07-15 8 Cornish Place, Sheffield, South Yorkshire, S6 3AF £132,500

 

2004-12-10 10 Cornish Place, Sheffield, South Yorkshire, S6 3AF £136,000

 

2004-10-29 21 Cornish Place, Sheffield, South Yorkshire, S6 3AF £179,950

 

2004-10-08 15 Cornish Place, Sheffield, South Yorkshire, S6 3AF £154,950

 

2004-08-20 18 Cornish Place, Sheffield, South Yorkshire, S6 3AF £163,000

 

hope this helps....good luck with your sale

[alter_ego 10]

hi jen,

 

2007-02-20 807 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £200,000

2004-07-12 807 Apartment, 18 Westone Panorama, Fitzwilliam Street, Sheffield, South Yorkshire, S1 4JQ £220,000

 

I think that this type of information is in the public domain is great! It allows buyers to see the true picture of the housing market.

 

I did look up details of the OP property but out of respect for their privacy won't post it here.

 

The original buyer of the flat in the above example has lost £20k + costs in a rampant market. I'm not clever enough to work out how much they may have paid in morgage costs in the 2.5 years they owned it but I'm sure it will be a lot. How much more could similar properties loose if the market turns to cr@p.

 

My gross annual salary is less than £20k a year therefore losses of such magnitude are unthinkable. I'm a potential buyer, but a realistic one.

 

The OP flat ( if I've got the correct details) will provide a healthy profit if sold at the asking price. My advice, if it ain't selling then reduce it! It looks like a nice example of a modern apartment but there are lot's for sale out there that are very similar. They may not be in West One but they may be brand new with a developer who will negotiate on the asking price!

[Guest]

i know what you're saying.

 

we paid £165,000 for our flat 3 yrs ago and have spent at least £15K by putting in a high spec new kitchen and bathroom and new flooring throughout, plus many other improvements, thata why i wouldn't sell for less than my asking price, and i'm willing to wait as long as it takes to sell for the right price.

 

the market with apartments is slower than houses, but that doesn't scare me, i know that someone will pay the right price as the property isn't over priced.

[jezzyjj 10]

Property is stupidly overpriced. It needs to crash IMHO and I saw some figure about various cost during Blair's reign and the difference in the increase in house prices compared to the increase in income was staggering.

Dug them out

Average pay per week was £320.50, it's now £447.00 A 39% increase.

Average house Price was £66,521, now it's £189,681. A 185% increase

So property has risen by nearly 5 times more than income has - a shocking discrepency.

[Guest]

Property is stupidluy overpriced. It needs to crash IMHO and I saw some figure about various cost during Blair's reign and the difference in the increase in house prices compared to the increase in income was staggering. tens times the increase I think!

 

if there was a crash though - people could be left going bankrupt which certainly would not be good for the economy.

 

The problem is that inflation is high. To slow down the rate of inflation, people need to stop spending money basically.

 

Taking out credit cards and spending money you haven't go just adds to inflation.

 

Supermarkets selling food at really low prices (with no respect for animal welfare) adds to the problem.

 

I think some sort of law needs to be brought in to prevent people taking out an unlimited number of credit cards.

 

sorry going a bit off topic here, but to sum up - there will never be a housing crash like in the 80's because it would do more harm to the economy than it would good. The only way to stop house prices increasing in to slow down inflation. simple.......

[jezzyjj 10]

I cant see flat prices coming down though as this would create a 'crash' and negative equity for the people selling, meaning that people just wont sell as they wont be able to sell for a reduced price.

People don't always want to sell, they may need to. A change of circumstance, getting married, changing jobs, losing jobs, moving to a new city/town...

If dropping prices would cause a crash, this won't prevent prices dropping if there is not enough demand or money to pay for the flats.

There are still an awful lot of flats being built around Sheffield. A glut of flats will cause prices to tumble, regardless of how the flat owners feel.

[alter_ego 10]

i know what you're saying.

 

we paid £165,000 for our flat 3 yrs ago and have spent at least £15K by putting in a high spec new kitchen and bathroom and new flooring throughout, plus many other improvements, thata why i wouldn't sell for less than my asking price, and i'm willing to wait as long as it takes to sell for the right price.

 

the market with apartments is slower than houses, but that doesn't scare me, i know that someone will pay the right price as the property isn't over priced.

 

Jen

 

All our circumstances are different. If you have a flat you like living in and don't need to move and can sit and wait then I don't question your decision. (Incidentally, I love the Kelham Island area and your flat looks great, no private outside space though so I'm sorry I won't put in an offer).

 

The OP is obviously concerned that the flat is not selling therefore appears keen to move on.

 

I was in a similar position when I bought my current home. I needed to sell my existing flat quick as my new home had been offered to me privately (not through an agent). It was a bargain price (this was 2001 when property bargains still existed!) but they wanted a quick sale. I priced my flat 5% than the next cheapest available and negotiated hard with (in person, not through EA) the first potential buyer. Result, first viewer=first offer=sold!

 

Unless you're selling something unique then, IMO, money talks. Flats such as those in West One are ubiquitous. If you read almost any newspaper, or even internet forums, many people are predicting a downturn. If I was the OP, I would price to sell quickly. Even if I'm wrong and prices keep rising, if selling to move up the ladder, would the difference you have to pay increase whilst you are holding out for a sale .

[sham71 10]

if there was a crash though - people could be left going bankrupt which certainly would not be good for the economy.

 

The problem is that inflation is high. To slow down the rate of inflation, people need to stop spending money basically.

 

Taking out credit cards and spending money you haven't go just adds to inflation.

 

Supermarkets selling food at really low prices (with no respect for animal welfare) adds to the problem.

 

I think some sort of law needs to be brought in to prevent people taking out an unlimited number of credit cards.

 

sorry going a bit off topic here, but to sum up - there will never be a housing crash like in the 80's because it would do more harm to the economy than it would good. The only way to stop house prices increasing in to slow down inflation. simple.......

 

 

Low prices in supermarkets causes inflation? Really?

 

There won't be a crash beacuse it wouldn't be good for the economy? So they 'had' the last carsh because it was good for the economy did they?

 

House price increases have been caused by low interest rates and increasingly lax lending criteria (6 x salary and more). As interest rates rise and lending criteria tighten (HSBC reduced LTV from 95% to 90% this week), sentinment will change and prices will fall.

 

Prices of the city living flats (or the social housing of the future as I see it) will fall the furthest.

 

Just my opinion, by the way........

[jezzyjj 10]

if there was a crash though - people could be left going bankrupt which certainly would not be good for the economy....[snip]..... to sum up - there will never be a housing crash like in the 80's because it would do more harm to the economy than it would good. The only way to stop house prices increasing in to slow down inflation. simple.......

Harming the econmy or not, this will have no effect on whether a crash will happen. Crashes happen for a variety of reasons and there are no simplistic answers. House prices are a large part of inflation. If the costs of property is not included, then it would be a seriously misleading figure

[pink-bunny 10]

thanks everyone for you coments but know i just feel in a panic